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Friday 29 August 2014

HSBC 'helped clients evade tax'

Published 18/03/2013 | 22:56

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HSBCpromised to co-operate with authorities in Argentina

British banking giant HSBC has been accused of facilitating money laundering and tax evasion in Argentina.

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The South American government's tax chief, Ricardo Echegaray, says HSBC's Argentina subsidiary created an illegal scheme that helped its clients evade more than 100 million US dollars (£66 million) in taxes.

He says the scheme included a criminal organisation and fake receipts used to launder money for various companies.

HSBC's Latin America spokeswoman Lyssette Bravo issued a statement promising to co-operate with authorities.

It said: "HSBC takes compliance with the law, wherever it operates, very seriously and strongly supports the efforts of governments and regulators to detect unlawful activity and take appropriate action."

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